Hargreaves introduction of charges looking for an alternative place for F&C investment trust

Flyer_Novice

I have my F&C investment trust shares with Hargreaves "Fund and Shares" account pays no fees.
From March I will be paying about £12.50/month.(£150.00/annum)
I am a passive investor and have not bought shares for few years.

Scottish Windows says no platform fees for holding shares.
1. Can I transfer my F&C from Hargreaves to Scottish Widows as shares?

Does any one know an alternative place to hold my F&C Investment trust shares for free of a platform charge?

ColdIron

Flyer_Novice said:

Scottish Windows says no platform fees for holding shares.
1. Can I transfer my F&C from Hargreaves to Scottish Widows as shares?

Yes. That £150 is a bit of a shocker

Ask SWSD to perform an 'in specie' transfer so you won't be out of the market

Do you withdraw or reinvest the dividends?

Does any one know an alternative place to hold my F&C Investment trust shares for free of a platform charge?

You don't get much cheaper than £0 but there are a few others that are free, see:

https://monevator.com/compare-uk-cheapest-online-brokers

Flyer_Novice

ColdIron said:

Flyer_Novice said:

Scottish Windows says no platform fees for holding shares.
1. Can I transfer my F&C from Hargreaves to Scottish Widows as shares?

Yes. That £150 is a bit of a shocker

Ask SWSD to perform an 'in specie' transfer so you won't be out of the market

Thank you 
Sorry to ask What does "SWSD" stand for ( Showing my ignorance)

I could then choose the Scottish Widow once opened my account on line to do the transfer from HG to them? So it will not be sold and purchased again. Is that correct?

frankiesowner

In the same boat, looking to transfer out of Hargreaves. Got about £120k's worth of shares and only deal about 3-4 times a year. Am considering Freetrade but looking around to see what reviews are like for getting money out and transferring in.

aroominyork

Flyer_Novice said:

I am a passive investor and have not bought shares for few years.

Just in case you care about the terminology, passive investors invest in index funds. FCIT is actively managed so you are not a passive investor; you are a chilled, invest & hold and get on with your life active investor.

ColdIron

Flyer_Novice said:

ColdIron said:

Flyer_Novice said:

Scottish Windows says no platform fees for holding shares.
1. Can I transfer my F&C from Hargreaves to Scottish Widows as shares?

Yes. That £150 is a bit of a shocker

Ask SWSD to perform an 'in specie' transfer so you won't be out of the market

Thank you 
Sorry to ask What does "SWSD" stand for ( Showing my ignorance)

Scottish Widows Share Dealing (nee IWeb until recently). You're on the right track

I could then choose the Scottish Widow once opened my account on line to do the transfer from HG to them? So it will not be sold and purchased again. Is that correct?

Yes, that's what an 'in specie' transfer is, essentially it's just a re-registration. No sales/purchases and no CGT implications

wmb194

frankiesowner said:

In the same boat, looking to transfer out of Hargreaves. Got about £120k's worth of shares and only deal about 3-4 times a year. Am considering Freetrade but looking around to see what reviews are like for getting money out and transferring in.

For a few transfers Freetrade’s been fine for me. Cash withdrawals are a little slow - Bacs timescales - but otherwise easy. IG Invest (owner of Freetrade) and CMC Invest as well. If you make your request in the morning, same day cash withdrawals for those.

EthicsGradient

ColdIron said:

Flyer_Novice said:

ColdIron said:

Flyer_Novice said:

Scottish Windows says no platform fees for holding shares.
1. Can I transfer my F&C from Hargreaves to Scottish Widows as shares?

Yes. That £150 is a bit of a shocker

Ask SWSD to perform an 'in specie' transfer so you won't be out of the market

Thank you 
Sorry to ask What does "SWSD" stand for ( Showing my ignorance)

Scottish Widows Share Dealing (nee IWeb until recently). You're on the right track

I could then choose the Scottish Widow once opened my account on line to do the transfer from HG to them? So it will not be sold and purchased again. Is that correct?

Yes, that's what an 'in specie' transfer is, essentially it's just a re-registration. No sales/purchases and no CGT implications

It's important for the thread starter that this is done as an "in specie" transfer - if they will be at the £150/yr HL cap, they must have over 40k in F&C, and if they've held that for a few years, the capital gain will be well over the £3k annual CGT allowance.  As you say, transfer "in specie" means it's a continuous holding, and there's no capital gain or CGT implication.

Flyer_Novice

Can in the same manner an ISA stock&shares account from Hargreaves (shares self selected) to Scottish Widows transferred without it being sold and transferred  as cash ISA?

jimjames

Flyer_Novice said:

Can in the same manner an ISA stock&shares account from Hargreaves (shares self selected) to Scottish Widows transferred without it being sold and transferred  as cash ISA?

Yes it can